In the second quarter of 2013, the Company tendered for and subsequently redeemed all of the $300 million 8.625% senior notes due 2017 at a premium to par. In part to finance this tender and redemption, the Company completed the issuance of an $850 million add-on offering to the Company’s 5.5% senior notes due in 2023 at 103.75 percent of par (resulting in a 4.884% yield) with the remaining proceeds used to repay amounts outstanding under its credit facility. As a result of the tender and redemption, the Company recognized a loss on the extinguishment of debt of $28.6 million.The Company’s cash flows from operating activities (GAAP) were $487.1 million for the first six months of 2013, as compared to $611.0 million for the first six months of 2012, a decrease of 20%. Adjusted cash flows (non-GAAP), which are cash flows from operating activities (GAAP) adjusted for settlements paid on or received from derivatives not designated as hedges, were $494.7 million for the first six months of 2013, as compared to $587.3 million for the first six months of 2012, a decrease of 16%. For a description of the use of adjusted cash flows (non-GAAP) and for a reconciliation of cash flows from operating activities (GAAP) to adjusted cash flows (non-GAAP), please see “Supplemental Non-GAAP Financial Measures” below.
Concho Resources Inc. Reports Second Quarter 2013 Financial And Operating Results
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